Brightstar Resources (BTR) Investor update summary

Strategic growth and production outlook

• Advancing a multi-hub gold production strategy in Western Australia, with over 4.5Moz Au on granted mining licenses and a fully funded platform for major production growth.

• Goldfields Project targets +75koz p.a. from a new 1.5Mtpa Laverton plant, with first gold expected in June 2027 and a six-year mine life yielding ~$1.0B pre-tax free cash flow at A$6,000/oz.

• Sandstone Project consolidates a 2.9Moz Mineral Resource, with multiple upgrades due in CY26, a PFS due late CY26, and DFS/FID targeted for late CY27/early CY28.

• TARGET200 strategy aims to achieve mid-tier status with >200koz p.a. production by 2029, positioning the group among Australia's top 10 gold producers.

Project execution and funding

• Goldfields Project construction is underway, with GR Engineering appointed for a fixed-price EPC contract, de-risking the build and embedding expansion capacity to 2.5Mtpa.

• Fully funded with A$193M equity and US$120M debt, maintaining A$163M net cash as of March 2026 and undrawn debt available.

• Goldfields Project features a simplified business model with staged open-pit and underground mining, leveraging owner-operator experience and established infrastructure.

• Sandstone Project is funded to FID, with a two-year strategic plan focused on resource quality, reserve conversion, and right-sizing processing infrastructure.

Operational and financial highlights

• Goldfields DFS2.0 demonstrates robust economics: pre-tax NPV of $606M, IRR of 74%, and average annual free cash flow of $163M over six years.

• Group AISC is $2,998/oz, with a payback period of ~15 months from first gold.

• Goldfields Project underpinned by 73% Measured & Indicated and 27% Inferred Mineral Resources, with all major mine sources previously mined and processed.

• Sandstone Project's July 2026 MRE update shows 18% growth in total resources and 113% growth in Measured & Indicated classification, with further updates due DecQ'26.